Zhipu AI Launches ZCode Coding Agent as Stock Crashes 40%+ From Peak and Global Semiconductor Selloff Deepens

Chinese AI company Zhipu AI (Knowledge Atlas Technology, HKEX: 02513) had a pivotal week in early July 2026. The Beijing-based startup launched a new coding agent tool called ZCode, built on its flagship GLM-5.2 model, while simultaneously facing continued market pressure from a steep valuation correction and a fresh global semiconductor selloff triggered by Meta's cloud infrastructure plans. Here is a fact-checked breakdown of all three areas.

ZCode Coding Agent and GLM-5.2 Launch

Zhipu AI (branded as Z.ai overseas) launched GLM-5.2 on June 13, 2026, its flagship 744-billion-parameter Mixture-of-Experts model with a 1M-token context window and a coding-first positioning . The model first reached GLM Coding Plan subscribers and was subsequently open-sourced on Hugging Face under a permissive MIT license .

This week (July 2, 2026) — Zhipu released a new tool to help developers build autonomous coding assistants (agents) atop GLM-5.2, directly heating up its rivalry with Anthropic's Claude Code platform. The South China Morning Post reports the tool enables developers to "build autonomous coding assistants," and that it comes as Anthropic removed hidden code tracking Chinese users of Claude Code .

Separately, Reuters reported on July 2 that GLM-5.2 is gaining Silicon Valley attention for coding and agentic capabilities that "almost rival leading U.S. offerings" .

Key product specs:

• Architecture: 744B total parameters, ~40B active (MoE)
• Context window: 1M tokens (usable, not just claimed)
• License: MIT open weights (no regional restriction)
• Performance: Trails Claude Opus 4.8 by roughly 1% on long-horizon benchmarks
• ZCode plans: Three yuan-denominated tiers: Lite ¥16.2/month, Pro ¥64.8/month, Max ¥144/month

Stock Correction and Global Semiconductor Selloff

The 16.6% figure does not appear as a single-day event in available sources this week. However, multiple significant drops are documented:

• June 23, 2026: Zhipu plunged 15.2% — the steepest single-day decline since its listing — during a broad Hong Kong AI stock selloff . Reports also note an intraday drop as wide as 25% before paring losses, opening down ~14% at HK$2,060 per share .
• Late June 2026: Zhipu and MiniMax lost more than 40% of their market value over two weeks as investors reassessed Chinese LLM valuations. By June 12, Zhipu shares had fallen to HK$1,097, down 44.9% from their peak .
• July 1–2, 2026 (this week): A new wave hit. On July 1, news that Meta is entering the AI cloud infrastructure business (to sell off excess data center capacity) triggered a global semiconductor rout . Memory chipmakers Micron, SanDisk, and others dropped ~10.6% on July 1-2 . The Philadelphia Semiconductor Index fell as much as 6% in two days — its worst start to a quarter in months . Axios notes the catalyst was Meta's cloud plan, which raised oversupply fears .

Direct Zhipu impact this week: The specific 16.6% figure is not confirmed in the evidence. The broader context is that Zhipu was already in a steep correction from its peak when the fresh Meta-led semiconductor selloff added further pressure on AI-exposed Hong Kong names.

Financial and Market Performance Since January 2026 Hong Kong Listing

IPO and Initial Run

Metric	Detail
Listing date	January 8, 2026, on HKEX (stock code 02513)
IPO size	$558 million (HK$4.35B)
IPO valuation	$6.6 billion
IPO price	HK$116.20 per share
First-day close	HK$131.50 (+13.2%)

The Meteoric Rise and Sharp Correction

• By February 13: Stock had soared 320% from IPO price, and Zhipu hired banks for a second listing in Shanghai .
• By June 2: Chairman Liu Debing amassed a $22.4 billion fortune as the stock surged ~1,000% year-to-date .
• Peak market cap: One source cited a peak of ~HK$1.07 trillion (about $137B) around mid-June .
• By June 12: Shares crashed to HK$1,097, down 44.9% from peak .
• By June 23: Caproasia (LinkedIn) still reported +1,717% YTD from IPO price, with a ~$119 billion market value .
• Current status: The stock remains well above its IPO price but deeply corrected from its June peak, and now faces additional headwinds from the global chip/Meta selloff this week.

Financial Fundamentals

• FY2025 revenue: RMB 724.3 million (approx. $100M), up 132% year-on-year .
• H1 losses (2025, implied): In the first half of 2025, R&D costs escalated 86% to $228 million — over eight times revenue at that point .
• FY2024 net loss: ¥2.96 billion (approx. $410M), up from ¥788M in FY2023 .
• Profitability: Still deeply unprofitable. Reuters noted Zhipu is on a "treacherous path to profit," spending heavily on model training while revenue remains small relative to costs . The company hiked AI model access prices twice in 2026 as a monetization push .

Summary

This week Zhipu advanced its product side with a new GLM-5.2 agent tool aimed at competing with Anthropic's Claude Code , while facing continued market pressure from a broader AI/tech valuation correction and the fresh Meta-cloud-triggered semiconductor rout. The stock remains up dramatically from its January IPO but has fallen 40–50% from its mid-June peak. Financially, Zhipu is growing revenue rapidly (~132% YoY) but burning heavily on R&D with no near-term profit in sight .